Fixed Rate Period definition
Examples of Fixed Rate Period in a sentence
Interest shall be payable to the persons in whose names the Notes are registered at the close of business on May 1 and November 1 (whether or not a Business Day) (each, a “Fixed Rate Period Record Date”), respectively, immediately prior to each Fixed Rate Period Interest Payment Date; provided that the interest due on any Redemption Date or the Maturity Date (whether or not a Fixed Rate Period Interest Payment Date) shall be paid to the person to whom principal is payable.
The amount of interest payable for any full semi-annual interest period during the Fixed Rate Period in respect of the Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months.
The amount of interest payable for any period shorter than a full semi-annual interest period during the Fixed Rate Period in respect of the Notes shall be computed on the basis of a 30-day month and, for any period less than a month, on the basis of the actual number of days elapsed per 30-day month.
If any scheduled Fixed Rate Period Interest Payment Date, Maturity Date or any Redemption Date falls on a day that is not a Business Day, then payment of any interest, principal or premium payable on such date shall be postponed to the next succeeding Business Day, with the same force and effect as if made on the date such payment was due, and no interest or other payment shall accrue as a result of such delay.